diff --git a/docs/topics/feed-exports.rst b/docs/topics/feed-exports.rst
index 6ce5255b9..d8f671bc7 100644
--- a/docs/topics/feed-exports.rst
+++ b/docs/topics/feed-exports.rst
@@ -130,6 +130,10 @@ Any other named parameter gets replaced by the spider attribute of the same
 name. For example, ``%(site_id)s`` would get replaced by the ``spider.site_id``
 attribute the moment the feed is being created.
 
+Only named parameters like these (and the ``%%`` escape) are replaced. Any
+other ``%`` character, e.g. in a percent-encoded part of the URI such as an
+FTP password containing ``%23``, is left untouched.
+
 Here are some examples to illustrate:
 
 -   Store in FTP using one directory per spider:
diff --git a/scrapy/extensions/feedexport.py b/scrapy/extensions/feedexport.py
index fa708a2e1..1aa5f5291 100644
--- a/scrapy/extensions/feedexport.py
+++ b/scrapy/extensions/feedexport.py
@@ -51,6 +51,25 @@ UriParamsCallableT: TypeAlias = Callable[
     [dict[str, Any], Spider], dict[str, Any] | None
 ]
 
+_URI_TEMPLATE_PLACEHOLDER = re.compile(
+    r"%(?:%|\(\w+\)[-#0 +]*(?:\d+)?(?:\.\d+)?[diouxXeEfFgGcrsa])"
+)
+
+
+def _format_uri_template(uri_template: str, params: dict[str, Any]) -> str:
+    """Substitute named printf-style placeholders (e.g. ``%(time)s``) and
+    ``%%`` in a feed URI template.
+
+    Unlike plain ``uri_template % params``, any other percent sequence, such
+    as a percent-encoded character in a URI (e.g. ``%23``), is left untouched
+    instead of being interpreted as a format specifier (#5794).
+    """
+
+    def substitute(match: re.Match[str]) -> str:
+        return match.group(0) % params
+
+    return _URI_TEMPLATE_PLACEHOLDER.sub(substitute, uri_template)
+
 
 class ItemFilter:
     """
@@ -514,7 +533,7 @@ class FeedExporter:
             self.slots.append(
                 self._start_new_batch(
                     batch_id=1,
-                    uri=uri % uri_params,
+                    uri=_format_uri_template(uri, uri_params),
                     feed_options=feed_options,
                     spider=spider,
                     uri_template=uri,
@@ -639,7 +658,7 @@ class FeedExporter:
                 slots.append(
                     self._start_new_batch(
                         batch_id=slot.batch_id + 1,
-                        uri=slot.uri_template % uri_params,
+                        uri=_format_uri_template(slot.uri_template, uri_params),
                         feed_options=self.feeds[slot.uri_template],
                         spider=spider,
                         uri_template=slot.uri_template,
diff --git a/tests/test_feedexport_uri_params.py b/tests/test_feedexport_uri_params.py
index 150d8449f..4ec78c8a0 100644
--- a/tests/test_feedexport_uri_params.py
+++ b/tests/test_feedexport_uri_params.py
@@ -7,7 +7,7 @@ import pytest
 
 import scrapy
 from scrapy.exceptions import ScrapyDeprecationWarning
-from scrapy.extensions.feedexport import FeedExporter
+from scrapy.extensions.feedexport import FeedExporter, _format_uri_template
 from scrapy.utils.test import get_crawler
 
 
@@ -112,6 +112,70 @@ class TestURIParams(ABC):
 
         assert feed_exporter.slots[0].uri == f"file:///tmp/{self.spider_name}"
 
+    def test_percent_encoded_characters(self):
+        """Percent-encoded characters in the URI (e.g. in an FTP password)
+        must not be interpreted as printf-style format specifiers (#5794)."""
+        settings = self.build_settings(
+            uri="ftp://user:2%23um25%21M%23JZ@ftp.example.com/%(name)s.csv",
+        )
+        crawler, feed_exporter = self._crawler_feed_exporter(settings)
+        spider = scrapy.Spider(self.spider_name)
+        spider.crawler = crawler
+        with warnings.catch_warnings():
+            warnings.simplefilter("error", ScrapyDeprecationWarning)
+            feed_exporter.open_spider(spider)
+
+        assert (
+            feed_exporter.slots[0].uri
+            == f"ftp://user:2%23um25%21M%23JZ@ftp.example.com/{self.spider_name}.csv"
+        )
+
+
+class TestFormatURITemplate:
+    params = {
+        "time": "2026-07-02T00-00-00",
+        "batch_id": 3,
+        "name": "myspider",
+    }
+
+    @pytest.mark.parametrize(
+        ("template", "expected"),
+        [
+            # percent-encoded characters are left untouched (#5794)
+            (
+                "ftp://user:2%23um25%21M%23JZ@ftp.example.com/file.csv",
+                "ftp://user:2%23um25%21M%23JZ@ftp.example.com/file.csv",
+            ),
+            # named placeholders are substituted as before
+            (
+                "s3://bucket/%(name)s/%(time)s.json",
+                "s3://bucket/myspider/2026-07-02T00-00-00.json",
+            ),
+            # conversion specs of named placeholders keep working
+            (
+                "file:///tmp/batch-%(batch_id)05d.csv",
+                "file:///tmp/batch-00003.csv",
+            ),
+            # the %% printf escape keeps working
+            (
+                "file:///tmp/100%%-%(name)s.csv",
+                "file:///tmp/100%-myspider.csv",
+            ),
+            # %25s is no longer read as a width-25 %s specifier, which used
+            # to silently inject the whole params dict into the URI
+            (
+                "ftp://user:pa%25ss@host/file-%(name)s.csv",
+                "ftp://user:pa%25ss@host/file-myspider.csv",
+            ),
+        ],
+    )
+    def test_substitution(self, template, expected):
+        assert _format_uri_template(template, self.params) == expected
+
+    def test_missing_key_raises(self):
+        with pytest.raises(KeyError):
+            _format_uri_template("file:///tmp/%(missing)s.csv", self.params)
+
 
 class TestURIParamsSetting(TestURIParams):
     deprecated_options = True